Friendly Energy Exploration on Tuesday provided a review of the past 6 months of corporate activity as it moves toward production.
Friendly has completed several strategic milestones in the last six months. It has acquired 3 significant land packages in Texas, which represent the potential of approximately 38 oil and gas wells. To date Friendly has recompleted and put 7 of these wells into production. A summary of the company's projects follows:
MUDCREEK -- 355 acres of which approximately 56% is in a defined Fry Sand oil field. -- Eight wells that had been producing were plugged several years ago and we expect to re-enter all eight wells -- A new tank farm and other infrastructure are needed on the Mud Creek lease BYLER -- 372 acres of which approximately 57% is in a defined Fry Sand oil field. -- Potential of 17 wells for this property PANTHER CREEK -- 115 acres of which approximately 70% is in a defined Fry Sand oil field. -- There are 13 wells that can be put back into production -- Also has a 630 barrel tank farm and infrastructure work is completed.
Production from Friendly's seven working wells was suspended back in November as the company's oil storage capacity reached its limit. The company is awaiting the final acceptance of its operator's license from the Texas Railroad Commission. Friendly believes that these three leases could produce 300 barrels of oil per day in the coming fiscal year.
Friendly Energy is an exploration, development and production company in the Oil and Gas Exploration Industry. The Company is focusing on low cost oil and gas recovery in the State of Texas and Oklahoma. Friendly Energy is committed to building shareholder value by taking advantage of the current market pricing of oil and gas by developing undeveloped reserves with little downside risk.
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